The Last Remaining FX Defendant Prevails At Trial

Introduction

Class Plaintiffs in the case of In re Foreign Exchange Benchmark Rates AntiTrust Litigation alleged that Defendant banks conspired to fix prices in the foreign exchange ("FX") market in violation of Sections 1 and 3 of the Sherman Antitrust Act. All but one of the Defendant banks settled several years ago for a total of $2.3 billion. Defendant Credit Suisse decided to proceed to trial, and on October 20, 2022, a Manhattan federal jury found that Credit Suisse played no part in a conspiracy to fix the foreign currency exchange market.

Class Plaintiffs filed a motion for a new trial. On February 16, 2023, the United States District Court for the Southern District of New York released an opinion (13 Civ. 7789) denying Plaintiffs' motion for a new trial and held that the jury's verdict was not a miscarriage of justice. In their motion, Plaintiff investors alleged misconduct on the part of defense counsel and argued that the verdict was contrary to a